Section 287 - Stay of proceedings

(1) At any time during the course of a private liquidation and before the dissolution of the company, the company in general meeting may, by special resolution, resolve that, subject to the confirmation of the Court, the liquidation proceedings shall be stayed.

(2) After the passing of the special resolution

(a) an application may be made to the Court by the liquidator or a member of the company; and

(b) the Court may, and subject to terms and conditions that the Court deems fit, order that

(i) the liquidation be stayed,

(ii) the liquidator be discharged, and

(iii) the directors be permitted to resume the management of the company.

(3) At least twenty-eight days before the hearing of the application under subsection (2), written notice of the application shall be given by the applicant to the Registrar, to the directors of the company and to a liquidator of the company, and the Registrar shall publish the notice in the Companies Bulletin.

(4) The Registrar, a director, liquidator, member or creditor of the company is each entitled to appear on the hearing of the application and to call witnesses and give evidence.

(5) Where an order confirming the resolution is made by the Court, the company shall send an official copy of the order to the Registrar and the Registrar shall register the order and publish a copy in the Companies Bulletin and on that publication, the liquidation shall cease and the company shall continue to be a going concern subject to the terms or conditions of the order.